The government recently enacted two measures regarding the cruising permit fees that each charter boat must pay while carrying paying passengers in the British Virgin Islands. Under the Cruising Permit (Amendment) Act, boats will now be classified as either home-based or foreign-based charter boats, with set fees for each classification. The Statutory Rates, Fees and Charges (Amendment of Schedule) Order 2017 confirms these fees for internal government purposes.
The British Virgin Islands has two regimes for the registration of ship mortgages and determination of their priority: the Merchant Shipping Act and the BVI Business Companies Act. In an enforcement action, liquidation or other situation in which priority is a relevant factor, there is the potential for conflict in determining priority if lenders opt to register their security interests under either regime, as opposed to both.
As a jurisdiction for ship registration and offshore financial products and services, the British Virgin Islands continues to weather the storm of the economic downturn. Cases in point are the achievement of Organization for Economic Cooperation and Development White List status and the BVI Ship Registry's showing at the annual Monaco Yacht Show in September 2009.
The Maritime and Coastguard Agency has recently issued a news release confirming the announcement that the UK secretary of state for transport has agreed to upgrade the Virgin Islands Shipping Register to Category 1 vessel registration status.
The British Virgin Islands (BVI) government has taken a significant step towards achieving Category 1 vessel registration status. A change in registration status to Category 1 will lift the current tonnage restrictions on vessels that may be registered under the BVI flag, and will open the territory to new possibilities in the merchant shipping arena.
The British Virgin Islands (BVI) has taken another step towards realizing its aim of achieving category 1 vessel registration status with the coming into force of the Merchant Shipping (Adoption of UK Enactments) Order 2005. The effect of this new statutory instrument is to adopt British legislation in the context of merchant shipping, subject to relevant modifications.